Financial Planning Services – Hazel Crest, IL
The most prevalent misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment choices, but there's a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that helps you make better decisions by turning vague goals into concrete plans, giving a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Hazel Crest, IL
Frequently people say that they're saving for retirement or saving for their little one's education. They seem like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Hazel Crest, IL
Most people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen all too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment generates; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is waiting for you.
Influence of Financial Planning - Hazel Crest, IL
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each of the different elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you'll begin to gain traction overall, and you'll see your ability to understand your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
For more information, please do not hesitate to contact us at any time and we'll be glad to help you!
